Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 16,597 people, 6,958 houses or apartments, and a median cost of homes of $72,745, house prices in Hazel Park are some of the most affordable in Michigan as well as the nation.
Single-family detached homes are the single most common housing type in Hazel Park, accounting for 85.67% of the city's housing units. Other types of housing that are prevalent in Hazel Park include large apartment complexes or high rise apartments ( 8.24%), duplexes, homes converted to apartments or other small apartment buildings ( 2.59%), and a few row houses and other attached homes ( 2.15%).
The most prevalent building size and type in Hazel Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.44% owning and 43.56% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Hazel Park's housing was primarily built during this period, from the '40s through the '60s. A full 61.60% of the city's housing hails from this era. Other housing ages represented in Hazel Park include homes built before 1939 ( 20.06%) and housing constructed between 1970-1999 ( 13.89%). There's also some housing in Hazel Park built between 2000 and later ( 4.45%).
Vacant housing appears to be an issue in Hazel Park. Fully 12.46% of the housing stock is classified as vacant. Left unchecked, vacant Hazel Park homes and apartments can be a drag on the real estate market, holding Hazel Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Hazel Park over the last then years, as home values have seen a decline of 32.92% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hazel Park home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.
Appreciation rates are so strong in Hazel Park that despite a nationwide downturn in the housing market, Hazel Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hazel Park appreciation rates continue to be some of the highest in America, at 12.31%, which is higher than appreciation rates in 97.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hazel Park. Hazel Park appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Hazel Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Hazel Park's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
|$1,171,001 - $1,561,000||0.0|
|$780,001 - $1,171,000||0.2|
|$624,001 - $780,000||0.5|
|$468,001 - $624,000||0.2|
|$312,001 - $468,000||2.2|
|$156,001 - $312,000||9.1|
|$78,001 - $156,000||37.3|
|$0 - $78,000||50.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Hazel Park HOMES|
|2000 or Newer||4.5|
|1970 - 1999||13.9|
|1940 - 1969||61.6|
|1939 or Older||20.1|
|TYPE OF Hazel Park HOMES|
|Small Apt. Buildings||2.6|
|SIZE OF Hazel Park HOMES|
|5 or more bedrooms||2.92|